What is Title insurance and do I need it?

One of the questions that we receive quite frequently at Cockburn Conveyancing is “What is title insurance and how can it benefit me?”. In short, Title insurance is a policy that can help protect you from unknown property risks that are not identified during the time of settlement. An example of this could be one of the following things.

Illegal building works / structures.

Title defects and planning errors.

Boundary issues (such as an encroachment on to the insured property).

We here at Cockburn Conveyancing advise our clients that it is recommended to take out Title insurance during the settlement process for peace of mind, however you can proceed without it if you prefer.

This short video from one of the Title Insurance Companies on the market (Stewart Title) may also be of benefit, it provides an explanation of what Title insurance can and has covered in the past.

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